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Q.3 At the formation of Berry Partnership, Straw contributes land with...

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Accounting

Q.3
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At the formation of Berry Partnership, Straw contributes land with a basis of $160,000 and a fair market value of $480,000, and Rasp contributes cash of $480,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $800,000, Straw must recognize a gain of how much? $640,000 $320,000 $480,000 $160,000

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